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Now's the Time to Buy a Home at the Jersey Shore - New Incentives for Home Ownership

In an effort to encourage home ownership in rental squeezed Super Storm Sandy markets, state officials hope a new incentive pushes low and moderate income families to buy a house in communities impacted by the storm.

There are $50,000 in interest-free, forgivable mortgage loans now available to residents in New Jersey's 9 storm ravaged counties -Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union.

These forgivable mortgage loans are expected to help 500 families purchase homes over the next two years.

The program — part of the state's plan to spend more than $1.8 billion in federal Community Development Block Grant funds — is now open to residents who lived in one of the nine hardest hit counties but after October 25th, the program will open to any resident looking to buy a home in one of those nine counties.

In order to be eligible for a portion of the $25 million Sandy Homebuyer Assistance Program, applicants must have a credit score of at least 620 and meet certain income requirements. These Jersey ShoreMortgage loans will be forgiven after residents live in the homes for five years.

For more information about this New Jersey Housing and Mortgage Finance Agency program, visit www.renewjerseystronger.org or call (855) 726-3946.